By Mary-Katherine Stinson
Lexington, Ky., March 28 – Binghatti Holding Ltd. priced its first sukuk offering in the form of $300 million of 9 5/8% trust certificates (//B+) at par, according to a notice.
The issuer is Binghatti Sukuk SPC Ltd.
The sukuk matures March 1, 2027.
Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Mashreq, National Bank of Ras Al-Khaimah PSC and Sharjah Islamic Bank are the bookrunners.
The company is a Dubai-based property development company.
| Issuer: | Binghatti Sukuk SPC Ltd.
|
| Obligor: | Binghatti Holding Ltd.
|
| Amount: | $300 million
|
| Issue: | Trust certificates (sukuk)
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| Maturity: | March 1, 2027
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| Bookrunners: | Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Mashreq, National Bank of Ras Al-Khaimah PSC and Sharjah Islamic Bank
|
| Stabilizing manager: | HSBC Bank plc
|
| Coupon: | 9 5/8%
|
| Price: | Par
|
| Yield: | 9 5/8%
|
| Ratings: | Fitch: B+
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